Gray Media Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	3,348	3,644	3,281	3,676	2,413	2,381
Revenue Growth (YoY)	-3.32%	11.06%	-10.75%	52.34%	1.34%	12.21%
Cost of Revenue	2,368	2,400	2,383	2,248	1,607	1,392
Gross Profit	980	1,244	898	1,428	806	989
Selling, General & Admin	106	101	110	101	86	63
Amortization of Goodwill & Intangibles	111	125	194	207	117	105
Operating Expenses	352	370	449	437	307	264
Operating Income	628	874	449	991	499	725
Interest Expense	-477	-485	-440	-354	-205	-191
Other Non Operating Income (Expenses)	108	114	5	-7	-3	-6
EBT Excluding Unusual Items	259	503	14	630	291	528
Merger & Restructuring Charges	-	-	-	-	-81	-1
Impairment of Goodwill	-	-	-16	-	-	-
Gain (Loss) on Sale of Investments	-135	-25	-29	-18	-	-
Gain (Loss) on Sale of Assets	4	-20	-21	2	-42	29
Asset Writedown	-28	-	-27	-	-	-
Other Unusual Items	29	34	-3	-	-	-12
Pretax Income	129	492	-82	614	168	544
Income Tax Expense	35	117	-6	159	78	134
Net Income	94	375	-76	455	90	410
Preferred Dividends & Other Adjustments	52	52	52	52	52	52
Net Income to Common	42	323	-128	403	38	358
Net Income Growth	-52.28%	-	-	405.56%	-78.05%	129.05%
Shares Outstanding (Basic)	96	95	92	92	95	96
Shares Outstanding (Diluted)	96	96	92	93	95	97
Shares Change (YoY)	1.05%	4.35%	-1.07%	-2.10%	-2.06%	-3.00%
EPS (Basic)	0.44	3.40	-1.39	4.38	0.40	3.73
EPS (Diluted)	0.43	3.36	-1.39	4.33	0.40	3.69
EPS Growth	-71.82%	-	-	982.50%	-89.16%	190.55%
Free Cash Flow	440	608	300	393	93	542
Free Cash Flow Per Share	4.58	6.33	3.26	4.23	0.98	5.59
Dividend Per Share	0.320	0.320	0.320	0.320	0.320	-
Gross Margin	29.27%	34.14%	27.37%	38.85%	33.40%	41.54%
Operating Margin	18.76%	23.98%	13.69%	26.96%	20.68%	30.45%
Profit Margin	1.25%	8.86%	-3.90%	10.96%	1.57%	15.04%
Free Cash Flow Margin	13.14%	16.68%	9.14%	10.69%	3.85%	22.76%
EBITDA	874	1,143	788	1,327	720	926
EBITDA Margin	26.11%	31.37%	24.02%	36.10%	29.84%	38.89%
D&A For EBITDA	246	269	339	336	221	201
EBIT	628	874	449	991	499	725
EBIT Margin	18.76%	23.98%	13.69%	26.96%	20.68%	30.45%
Effective Tax Rate	27.13%	23.78%	-	25.90%	46.43%	24.63%
Revenue as Reported	3,348	3,644	3,281	3,676	2,413	2,381

Source: S&P Global Market Intelligence. Standard template. Financial Sources.